Risk review bank statements

[buzybee]

We have a risk review with Revenue. They asked for bank statements. I used savings to buy An Post bonds. Also I bought a car. It was written off in an accident and I got money from insurance.

Would I mark the transactions to explain? My spouse said there is no need to do this. I just hate if there are more questions.

 

[ClubMan]

Provide them with what they asked for.
If they have further questions subsequently then address them if/when they ask them.

 

[torblednam]

Pre-empting further questions about larger transactions in the bank statements won't do any harm. If it isn't obvious what they relate to, then it's nearly inevitable that they will query them

Worth noting that if you are under risk review, it's because of specific material risk or risks, based on what is in your returns (along with any other information Revenue have).

 

[DannyBoyD]

Curious if a risk review is a "higher" level than say a file review?

 

[torblednam]

Curious if a risk review is a "higher" level than say a file review?

There's no such thing as a file review in Revenue speak.

A Risk Review falls within what is now called a Level 2 compliance intervention (the same level as a Revenue Audit), and is essentially equivalent to a narrowly focused audit.

https://www.revenue.ie/en/self-assessment-and-self-employment/documents/code-of-practice-audit-short-guide.pdf

 

[buzybee]

Thanks, when Revenue says bank accounts, do they mean the last page at Dec 2022, Dev 2023 or do I need to give the full bank statements for all these years? The full statements of the main account is pages and pages. I thought they can access all the bank statements once they have the account number.

 

[torblednam]

If they said bank statements then that is what they want.

I thought they can access all the bank statements once they have the account number.

No they can't, without using seldom-invoked powers to compel the financial institution to give them records (generally used only in quite serious investigation cases).

They generally operate on the basis that people can and will comply with most such information requests.

 

[ClubMan]

They asked for bank statements.

when Revenue says bank accounts, do they mean the last page at Dec 2022, Dev 2023 or do I need to give the full bank statements for all these years?

What exactly did they ask for?